Buhari announces profit after tax of N287 bn by NNPC, 44 yrs after establishment

.Directs publication of audited financial statements for 2020

. To lead FG delegation to AIO confab as Nigeria assumes leadership

In fulfillment of an earlier pledge by the Federal Government to publicly announce the financial position of the Nigerian National Petroleum Corporation, NNPC, President Muhammadu Buhari has disclosed a Net Profit, first time in the 44-year history of the establishment.

Thiswas contained in astatement signed by the Special Adviser to the President on Media and Publicity, Femi Adesina.

According to the President, who doubles as Minister for Petroleum Resources, “I am pleased to announce the declaration of Profit after Tax of Two Hundred and Eighty Seven Billion Naira (N287 Billion) in Year 2020 by the Nigerian National Petroleum Corporation. This is sequel to the completion of the statutory Annual Audit exercise for Year 2020.

“The NNPC losses were reduced from N803 billion in year 2018 to N1.7 Billion in year 2019 and the eventual declaration of Net Profit in Year 2020 for the first time in its 44-year history.

“This development is consistent with this administration’s commitment to ensuring prudent management of resources and maximization of value for the Nigerian people from their natural resources.

“I have further directed the Nigerian National Petroleum Corporation to timely publish the Audited Financial statements in line with the requirements of the law and as follow-up to our commitment to ensuring transparency and accountability by public institutions.

“I congratulate the Board, Management and Staff of the Corporation and look forward to greater value creation for the Nigerian people”.

Buhari to lead FG delegation to AIO confab as Nigeria assumes leadership

There are strong indications  that the Federal Government will avail  itself of the opportunities of the forthcoming African Insurance Organization (AIO) conference to be hosted by Nigeria yo  explain it’s strategies for protection of national assets  through effective insurance policies.

This came on the heels of the revelation that president Muhammadu Buhari will be the special guest of honor at the conference which is slatex to open in Lagos on September 4, 2021. President Buhari is expected to ead other top government functionaries to the AIO conference which is the 47th in the series.

Confirming the attendance of you government functionaries at the event, the incoming President of AIO, Mr. Tope Smart said all arrangements to ensure a successful event are on course.

He said President Muhammadu Buhari, the Minister of Finance, Mrs. Zainab Ahmed, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, including other key stakeholders in the Nigerian economy are invited to the AIO event.

According to him, “We have invited all the key stakeholders in Nigeria. We have invited the President of the country.  We have invited the Minister of Finance who supervises the finance sector.  We have invited the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM).

“We want to use that event to showcase Nigeria in order to correct some negative misconceptions about Nigeria – for people to know that Nigeria is a good country with good people; that we are very hospitable; that we have a very rich cultural heritage. We want to use the event to make people who are coming to see that Nigeria is a peaceful country as against their negative perceptions about Nigeria.”

On security, he said “By the grace of God, we don’t pray for any bad incidence. As far as this conference is concerned, we have put in a lot. We have the Local Organising Committee (LOC) who is working assiduously to ensure that all that needs to be done are done properly.

“They have been working with various government agencies, health authorities, security agents including the police just to ensure that we have a successful AIO conference.”